Well, there's no question that it is the most significant regulatory measure that has had an impact on the market. When you look at late 2017 and early 2018, there was a drop-off. If I take Ontario as an example, it was the Ontario fair housing plan and then the introduction of B-20 sometime later that had a significant impact and downturn in the market there. When you look at Vancouver, we saw a similar impact from provincial foreign buyer taxes, vacancy taxes and B-20. In that market, sales are down 44% since B-20, versus a 10-year average.
In those markets, it's had a very significant impact. In other markets such as Calgary, which is a market where there was already economic trouble because of the energy industry, it's had a sort of compounding effect on the markets there. Those are down as well.